Welcome to Economics at HSDC. This exciting course has never been more relevant than in these historic times. As we say in most lessons, “We’re going to need a bigger graph!”. This course will look at a whole range of issues, such as:
Microeconomics: What is going on in a particular industry? Why on earth were oil producers paying people to take their oil off their hands one Monday afternoon?
Macroeconomics: How much money is the government borrowing in the economic crisis, and why? Should we have a universal basic income?
For further information and for questions, or to check any of your answers from the activities on this sheet, contact the course manager, Steve Klima: steve.klima@hsdc.ac.uk
What is your knowledge like of economics in different countries? Click on this link.
Scroll down to the tug of war activity. Go to the fifth activity on the page. Start the activity by clicking on the Start button and then click on which country has got the highest or lowest rate of unemployment. See what score you get at the end. Challenge your friends to see who can get the highest score on this activity.
The third activity on the page from the website link above, Higher or Lower, is also available to do as a stretch activity.
Read this article: https://www.bbc.co.uk/news/business-65554797
Then complete the following task:
Watch the following video on the difference between Micro and Macroeconomics from tutor2u.
Write a short paragraph summarising “What is the difference between micro and macroeconomics?”
A common misconception is that all economies should be based on free markets and that there is nothing wrong with free markets. In fact, Economics looks at a range of options, including free-market economies, mixed economies and command economies. We also look at market failures.
To research using the internet: What is the difference between a free-market economy, a mixed economy and a command economy?
Watch this video. List the eight different types of market failure that exist and then see if you can find examples of this type of market failure, either in your local area, on the news or on the internet.
Read this article and watch the two videos contained within them. Then write a short paragraph answering these three questions:
Watch this video. Then write a short paragraph on what the difference is between a positive and negative externality.
Test your knowledge with ten questions here on Kahoot on market failures.
The following three videos deal with three main approaches in Economics. Each is an hour long. These are provided as an optional extra for students who really want to kickstart their knowledge of Economics for the A Level course:
Mixed economies – Keynes
Free market economies – Hayek
Command economies – Marx
Behavioural Economics is a branch of Economics that links into Psychology. It looks at how people reach certain choices and how we can change their environment to change their behaviour.
Behavioural Economics has been in the news recently, as the Government decide how to ease the lockdown after the Coronavirus pandemic.
Factors we look at in Behavioural Economics include nudges – ways of pushing human behaviour slightly. Things like 50% off, 2 for 1 offers, where products are placed in a shop, how a website is designed and how a product is advertised are all examples of nudges.
For further information click here.
Our students at HSDC Havant wrote revision materials and booklets for the AS and A2 courses for future students whilst in lockdown. You’ll be able to use these in the future. In return, students gained an additional academic reference, a certificate, and a wide range of transferable skills to put on their CVs including document writing, editing, team building, leadership, proofreading and time management.
In addition, students have been researching free online courses on undergraduate Economics run free by universities online. The best of these are then being shared with all our graduating A Level students who wish to study Economics at university to give them a head start in Higher Education.
Steve Klima
We look forward to seeing you soon!
